For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

GST Council To Meet On 12 June As Govt Tax Revenue Falls Due To COVID-19

By Staff
|

The GST Council is scheduled to meet on June 12 and likely to discuss the impact of the COVID-19 pandemic on tax revenues, sources told PTI. This will be the 40th meeting of the council, headed by Finance Minister Nirmala Sitharaman and state counterparts, to be heald via video conferencing.

A PTI report said that the council will discuss the impact of the pandemic on revenues of the Centre and states and ways to bridge the revenue gap.

GST Council To Meet On 12 June As Govt Tax Revenue Falls Due To COVID-19
 

While the official numbers aren't out yet, a CNBC-TV18 report citing its sources said that the GST (goods and service taxes) collections for the month of April recorded till 4 June was approximately Rs 43,000 crore.

"The GST filing period, due to pandemic hardships have been extended by 15 days, so actual collections will be recorded till 5 June," the source told CNBC-TV18.

April was the month of complete lockdown, with only essential services permitted to operate. Consequently, the month will definitely see a dramatic drop in tax revenue. May is also likely to see a fall in the collection.

In comparison, GST collections for business activities in April 2019 (recorded in May 2019) were seen at Rs 1,00,289 crore

Faced with the dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May.

The Council will also discuss ways to garner funds to compensate states for the revenue loss due to GST implementation. As per GST laws, states were guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from 1 July 2017.

In the previous council meeting on 14 March 2020, Sitharaman had said that the Centre will look into the legality of GST Council borrowing from market to meet the compensation requirements.

 

The Council would also discuss waiver of late fees for non-filing of GST returns for the period August 2017 to January 2020, PTI reported.

Read more about: gst gst council
Story first published: Saturday, June 6, 2020, 10:53 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more